Forex Market Hours and Trading Sessions Explained
Forex has no single exchange, so it trades around the clock from Sunday 5pm to Friday 5pm New York time. The day is usually split into four sessions, named after the big trading centres.
What you'll learn
- When forex, index and futures markets are open
- The four forex sessions and when they overlap
- Which hours bring the biggest moves, and which ones to be careful with
Forex: open 24 hours, five days a week
Forex has no single exchange, so it trades around the clock from Sunday 5pm to Friday 5pm New York time. The day is usually split into four sessions, named after the big trading centres.
| Session | New York time | Busiest pairs |
|---|---|---|
| Sydney | 5pm to 2am | AUD, NZD |
| Tokyo | 7pm to 4am | JPY, AUD |
| London | 3am to 12pm | EUR, GBP, CHF |
| New York | 8am to 5pm | USD, CAD |
Times move by an hour when daylight saving starts or ends, and the US, UK and Australia change on different dates.
The overlaps are where the volume is
The busiest stretch of the day is the London and New York overlap, 8am to 12pm New York time. Spreads are tightest and moves are biggest, especially when US data comes out at 8:30am. The quietest stretch is late in the New York afternoon into the Sydney open.
Index and futures hours
- US stock indices: the cash market opens at 9:30am and closes at 4pm New York time. Index CFDs and futures trade nearly around the clock, but the biggest moves cluster near the cash open.
- CME futures (ES, NQ, CL, GC): Sunday 6pm to Friday 5pm New York time, with a daily break from 5pm to 6pm.
Worked example
You live in Sydney and work 9 to 5. When could you trade the London and New York overlap? 8am to 12pm New York time is midnight to 4am in Sydney for most of the year. So an Australian with a day job might trade the Tokyo session or the London open in the evening instead. Your hours decide your market as much as your strategy does.
Hours to be careful with
- The daily rollover (5pm New York): spreads widen for a few minutes and overnight fees are charged on open positions.
- Sunday open: prices can gap from Friday’s close if news came out over the weekend.
- Big news releases: US jobs data, inflation figures and central bank decisions.
- Bank holidays: thin markets can make moves erratic.
How this works at a prop firm
Firm rules often run on the clock. Many reset the daily loss limit at a set time (often 5pm New York or midnight in the firm's time zone), some don't allow holding trades over the weekend, and many futures firms require you to be flat before the daily close. Check the weekend and overnight holding rules, end of day drawdown, and the economic calendar guide. Trading from Australia? Read prop firm trading hours in Australia.
Key takeaways
- Forex runs Sunday 5pm to Friday 5pm New York time, in four sessions.
- The London and New York overlap (8am to 12pm New York) is the busiest time.
- Prop firm rules (daily resets, weekend holding, flat by the close) run on set times, so know your firm's clock.
Check yourself
3 quick questions. Your answers stay on this device.
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When is the London and New York overlap?
8am to 12pm New York time.
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When do CME futures take their daily break?
5pm to 6pm New York time.
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Why can Sunday's open be risky?
Prices can gap from Friday's close.
Go deeper
Educational content, not financial advice. Trading carries a high risk of loss, and most traders lose money. How we make money.